Laboratory Temperature Control Units Market size is set to surpass USD 763 million by 2027, according to a new research report by Global Market Insights Inc.
Diversified forms of laboratory temperature control units are consistently used in academic universities and scientific research centers as the usage of a superior lab system would guarantee trustworthy results in laboratory procedures. Thus, increasing demand for such devices is likely to drive the market growth. Additionally, technological advancements and developing healthcare infrastructure in developed as well as developing countries will further propel the market expansion.
Increasing demand for laboratory temperature control units in various industries will augment the market progression
Laboratory temperature control units are intended to regulate the temperature within the desired range by either providing or removing the heat. Various companies in biotechnology & pharma sector use different temperature control units to maintain precise temperature for lab procedures. For instance, vaccines are biological products that can lose their potency if exposed to excessive freezing or heat. Laboratory temperature control units are extensively used to track the temperature to which diluents and vaccines are exposed. This process is crucial for maintaining the chemical and physical structure of the manufactured products. The laboratory temperature control units play a vital role in maintaining the temperature from point of dispatch of vaccines to the point of use. Therefore, the demand for laboratory temperature control units is increasing, thereby fueling the industry growth. Similarly, surged utilization of laboratory temperature control units in hospitals as well as research laboratories for ensuring efficiency and safety of samples and experiments will pave the way for the industry expansion.
High requirement of laboratory thermostats in process control will spur the market value
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The laboratory thermostats accounted for USD 160 million in 2020. Thermostats enable users to maintain temperature in a specific range. These are the most commonly used type of laboratory temperature control units as they are used in a wide range of applications for temperature control, cooling or heating liquids, and for process control.
Browse key industry insights spread across 190 pages with 240 market data tables & 16 figures & charts from the report, “Laboratory Temperature Control Units Market Size By Product (Laboratory Temperature Controllers, Laboratory Thermostats, Laboratory Chillers, Laboratory Circulators), By Modality (Standalone/Benchtop, Portable/Handheld), By End-use (Hospitals, Pharma & Biotech Industry, Chemical Industry, Food & Beverage Industry), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Operational flexibility of portable devices will accelerate the market demand for laboratory temperature control units
The portable/handheld equipment segment was valued at USD 130 million in 2020 led by the easy transportation and handling of portable devices as compared to standalone. In addition, smaller size, option for remote operation, and wide availability of these devices in various laboratory settings further secures the segment demand.
Growing healthcare infrastructure in hospitals will provide boost to the market revenue
The hospitals segment captured around 26% of the market share in 2020 impelled by the increasing demand for laboratory temperature control units in hospital settings as they require to maintain temperature of samples collected from patients. Also, availability of in-house labs along with well-established healthcare infrastructure in developed countries will stimulate the segment growth.
Increasing R&D activities across the European region paves the way for lucrative industry progression opportunities
Europe laboratory temperature control units market is anticipated to witness over 5.8% growth rate through 2027. A huge amount of academic and medical research is conducted across several institutes and laboratories across the Europe, thus growing the demand for advanced laboratory temperature control units. Also, rising adoption of innovative systems to enhance healthcare industry in several countries of Europe and rising investment to develop technologically superior products will influence the regional growth.
Strategic developments by market leaders will enable them to capture high revenue share
Some of the eminent players operating in the market include IKA, Bio-Rad Laboratories, LAUDA DR. R. WOBSER GMbH & Co. KG, Delta T Systems, Inc., Eurodifroid, FRYKA-Kältetechnik GmbH, JULABO GmbH, Peter Huber Kältemaschinenbau AG, PolyScience, and Thermo Fisher Scientific. These industry participants are implementing different organic and inorganic strategies such as new product launches, mergers and acquisitions to gain a competitive edge in laboratory temperature control units business.